Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

House Democrats discuss tougher antitrust law, some Republicans agree

Published 10/01/2020, 05:51 PM
Updated 10/01/2020, 05:55 PM
© Reuters. Chamber of the House of Representatives stands at the U.S. Capitol Building in Washington

By Diane Bartz

WASHINGTON (Reuters) - The U.S. House of Representatives Judiciary Committee's antitrust panel discussed ways to tighten antitrust laws on Thursday, with two Republicans on the Democrat-dominated panel indicating potential support for some changes.

The antitrust subcommittee, chaired by Representative David Cicilline, is expected to release a much-anticipated report into the four big tech companies -- Amazon.com Inc (O:AMZN), Facebook Inc (O:FB), Apple (NASDAQ:AAPL) and Alphabet's Google (O:GOOGL) -- as soon as Monday.

In the hearing, Cicilline said the tech companies used strategies such as self-preferencing and predatory pricing to grow. "These once-scrappy, underdog startups have grown into the kinds of monopolies we last saw more than a century ago," he said.

One witness, Bill Baer, who headed the Justice Department Antitrust Division during the Obama administration, argued to the committee that successive court rulings over the years have made it harder to block a merger.

"If courts are unwilling to step back from this overreach, legislation may well be needed to re-set the boundaries," he said.

Representative Ken Buck, a Republican, appeared swayed by calls for tougher antitrust law, including giving more funding to the Justice Department and Federal Trade Commission.

"We also need to seriously consider increasing scrutiny on big tech companies, including shifting the burden of proof required for a market dominant company to prove that a merger is not anti-competitive," he said.

Representative Kelly Armstrong, a Republican, said he agreed with Buck on the need for "more money, more resources, (and) more enforcement." He indicated he would be interested in discussing "tweaks" to antitrust law.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Rep. Jim Jordan, the top Republican on the Judiciary Committee, repeated his concern that Big Tech firms were "out to get conservatives."

The Justice Department is also probing the big four tech platforms, and is expected to file a lawsuit against Google next week.

Facebook and Amazon also face inquiries by the FTC, while U.S. state attorneys general are looking at Facebook and Google.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.